The Bank of England’s (BoE) inflation report is not usually renowned for crashes, bangs or wallops. Yet on Wednesday, U.K. market watchers will be following it with bated breath as new BoE Governor Mark Carney gives his first press conference.
Carney’s move from Canada to the U.K. has been much-anticipated, but he has stayed quiet so far.
The publication of the inflation report comes during one of the most positive weeks of U.K. economic data this year. On Tuesday, the services Purchasing Managers’ Index (PMI) survey – up to 60.2, its highest level for nearly 7 years – and the composite PMI index both indicated that optimism is returning to businesses in the country. British shoppers boosted the high street during an atypically sunny July, according to British Retail consortium figures, and the Halifax house prices index showed a 0.9 percent rise between June and July. Sterling rose against the dollar following the news.
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